Table of Contents
IVANHOE MINES LTD.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
RESULTS OF OPERATIONS
(Stated in U.S. dollars, except where noted)
This discussion and analysis of the financial condition and results of operations (MD&A)
of Ivanhoe Mines Ltd. should be read in conjunction with the audited consolidated financial
statements of Ivanhoe Mines Ltd. and the notes thereto for the year ended December 31,
2009. These financial statements have been prepared in accordance with United States of
America generally accepted accounting principles (U.S. GAAP). In this MD&A, unless the
context otherwise dictates, a reference to the Company refers to Ivanhoe Mines Ltd. and a
reference to Ivanhoe Mines refers to Ivanhoe Mines Ltd., together with its subsidiaries.
Additional information about the Company, including its Annual Information Form, is
available at www.sedar.com .
References to “C__DOCTEXT__rdquo; refer to Canadian dollars, “A__DOCTEXT__rdquo; to Australian dollars, and “__DOCTEXT__rdquo; to
United States dollars.
This discussion and analysis contains forward-looking statements. Please refer to the
cautionary language on page 44.
The effective date of this MD&A is March 31, 2010.
• On March 31, 2010, Ivanhoe Mines announced the successful completion of
the conditions precedent that had been incorporated into the landmark
Investment Agreement to build and operate the Oyu Tolgoi copper-gold mining
complex in Mongolia’s South Gobi Region, giving the agreement full legal
• Ivanhoe Mines, with its subsidiary, Oyu Tolgoi LLC (OT LLC), and its
strategic partner, Rio Tinto, signed and approved the long-awaited Investment
Agreement with the Government of Mongolia in October 2009, establishing a
comprehensive framework for maintaining a stable tax and operating
environment for the construction and operation of the Oyu Tolgoi Project. The
signing culminated nine years of exploration successes that have